- Step 1: Find a broker Find a settlement company or broker that you would like to do business with. Ask friends and family for recommendations.
- TIP: Your eligibility for Medicare and Medicaid may be affected by the income made from the sale of your policy.
- Step 2: Fill out paperwork Fill out an application, policy information release, and a medical information release.
- Step 3: Accept offer Accept an offer and wait for a purchase contract from the settlement company.
- Step 4: Complete change of ownership Complete the change of ownership and change of beneficiary forms. Send the forms by certified mail to the insurance company.
- Step 5: Receive funds Receive your funds through wire transfer from an escrow account to your personal account.
- FACT: Did you know? It is believed that Lloyd’s of London, known for insuring celebrity body parts, started as a coffee house and marine insurance company in 1688.
You Will Need
- A settlement company or broker
- Friends and family
- An application
- Release forms
- A purchase contract
- A change of ownership form
- A change of beneficiary form